Crypto-focused analytical firm Glassnode stated that the next key support level for investors to watch should Bitcoin fall below its current price range is $75,000. According to the firm, while Bitcoin continues to find buyers at current levels, long-term investors are facing strong resistance from the high-cost zone.
Glassnode data shows that Bitcoin is encountering significant resistance driven by pricing, particularly in the range of $83,000 to $86,000. It is noted that long-term investors acquired approximately 1.07 million BTC within this price range, with the main cost concentration around $85,000. Therefore, the $83,000–$85,000 area is considered a significant supply barrier limiting Bitcoin's rise.
However, as noted by Glassnode, investors continue to accumulate bitcoins at current price levels. Maintaining this emerging accumulation zone in the market is critical for the short-term outlook.
"The First Meaningful Support Level for Bitcoin: $75,000"
According to the analytical firm, if Bitcoin falls below this accumulation zone, the first major support level will be around $75,000. If selling pressure intensifies, the correction could deepen to around the $60,000 level.
One of the key catalysts for the recent pressure on the Bitcoin market has been U.S. inflation data. The U.S. Producer Price Index (PPI) came in at 5.4%, exceeding market expectations of 5.3% and reaching its highest level in two months, triggering sell-offs in risk assets.
*This is not investment advice.
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